Practical Uses of ChatGPT for Finance Professionals

In a previous article, we learned about how ChatGPT can be used in different areas of finance. There are many applications such as investment analysis, risk management, fraud detection, and so on. In this article, we will look at how ChatGPT can help finance professionals in everyday operations and make them more productive. They can help you save time, improve your workflow, and act as an efficient assistant.

ChatGPT is trained on a large amount of data and can help you answer many questions. But that’s not it. You can even provide your own data, whether structured or unstructured and ask ChatGPT to answer questions and perform tasks on that data. In AI terminology, the art of framing questions to get the best results is called prompt engineering. Let’s look at some of the things you can do.

Summarize Financial Information

As a Large Learning Model, ChatGPT can be very good at summarizing any financial information you provide. For example, if you have a news article or a financial report, you can paste that information into the ChatGPT interface, and then ask ChatGPT to summarize it or answer some questions you may have.

Example prompt: Below I have provided an article. Please summarize it for me. After that, I will ask you a few questions about that article. {Articles content}

Based on this prompt, ChatGPT will summarize the article for you and after that, it will be ready to answer more questions from the article. You can tweak the prompt as per your liking. For example, you can specify that you need the summary in 200 words.

Extract Financial Information

Based on the provided content, you can ask ChatGPT to extract the important numeric data from the content and present it as a table.

Example prompt: From the below content, can you extract the important financial info and present it as a table? {Article content}

For the purpose of this article, I provided the content of this article. Based on that, it provided me with this tabular data.